New York State Teachers Retirement System Sells 3,024 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

New York State Teachers Retirement System reduced its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 13.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,934 shares of the business services provider’s stock after selling 3,024 shares during the quarter. New York State Teachers Retirement System owned 0.06% of Avis Budget Group worth $1,513,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of CAR. SummerHaven Investment Management LLC increased its position in Avis Budget Group by 2.1% during the first quarter. SummerHaven Investment Management LLC now owns 7,623 shares of the business services provider’s stock valued at $579,000 after acquiring an additional 160 shares during the last quarter. Quadrant Capital Group LLC increased its position in Avis Budget Group by 41.0% during the fourth quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider’s stock valued at $55,000 after acquiring an additional 198 shares during the last quarter. Sterling Capital Management LLC increased its position in Avis Budget Group by 41.3% during the fourth quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider’s stock valued at $59,000 after acquiring an additional 215 shares during the last quarter. Signaturefd LLC increased its position in Avis Budget Group by 31.8% during the fourth quarter. Signaturefd LLC now owns 936 shares of the business services provider’s stock valued at $75,000 after acquiring an additional 226 shares during the last quarter. Finally, UMB Bank n.a. increased its position in Avis Budget Group by 106.9% during the first quarter. UMB Bank n.a. now owns 478 shares of the business services provider’s stock valued at $36,000 after acquiring an additional 247 shares during the last quarter. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Stock Down 0.4%

CAR opened at $177.80 on Thursday. The stock’s fifty day moving average is $130.48 and its two-hundred day moving average is $97.50. The company has a market capitalization of $6.26 billion, a P/E ratio of -2.82 and a beta of 2.19. Avis Budget Group, Inc. has a 52 week low of $54.03 and a 52 week high of $189.98.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Wednesday, May 7th. The business services provider reported ($14.35) EPS for the quarter, missing the consensus estimate of ($5.72) by ($8.63). The firm had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.49 billion. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 18.96%. The company’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($3.21) earnings per share. Equities analysts anticipate that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CAR. Wall Street Zen raised Avis Budget Group from a “sell” rating to a “hold” rating in a report on Saturday, May 3rd. The Goldman Sachs Group cut their price target on Avis Budget Group from $100.00 to $87.00 and set a “neutral” rating for the company in a report on Friday, May 9th. Finally, JPMorgan Chase & Co. boosted their price target on Avis Budget Group from $145.00 to $155.00 and gave the company an “overweight” rating in a report on Friday, May 9th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Avis Budget Group presently has a consensus rating of “Hold” and a consensus price target of $117.00.

Avis Budget Group Profile

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.